{
  "slug": "dodd-frank",
  "name": "Dodd-Frank Wall Street Reform and Consumer Protection Act",
  "short_name": "Dodd-Frank",
  "aliases": [
    "DFA"
  ],
  "jurisdiction": "US",
  "regulator": "Multiple (SEC, CFTC, FRB, OCC, FDIC, FSOC)",
  "kind": "act",
  "effective_date": "2010-07-21",
  "summary": "Comprehensive U.S. financial reform statute enacted after the 2008 crisis. For hedge funds, the most consequential provisions are the elimination of the 'private adviser' exemption (mandatory SEC registration above $150M private fund AUM), Form PF reporting, the Volcker Rule (banks restricted from sponsoring/investing in covered funds), and OTC derivatives clearing/reporting.",
  "scope": "Banks, broker-dealers, advisers, hedge funds, and OTC derivative participants.",
  "key_provisions": [
    {
      "section": "Title IV",
      "title": "Private Fund Investment Advisers Registration Act",
      "summary": "Eliminated the §203(b)(3) 'private adviser' exemption. Created exemptions for venture-capital, private-fund (under $150M), and foreign private advisers."
    },
    {
      "section": "Title VI §619",
      "title": "Volcker Rule",
      "summary": "Prohibits banking entities from proprietary trading and from sponsoring/investing in 'covered funds' (private funds relying on 3(c)(1) or 3(c)(7))."
    },
    {
      "section": "Title VII",
      "title": "Wall Street Transparency",
      "summary": "Brought OTC derivatives under SEC/CFTC jurisdiction with mandatory clearing, exchange execution, and swap-data reporting."
    },
    {
      "section": "Title I",
      "title": "Financial Stability Oversight Council",
      "summary": "Created FSOC and the SIFI designation regime."
    }
  ],
  "thresholds": [
    {
      "name": "Mandatory adviser registration AUM threshold",
      "value": 100000000,
      "currency": "USD"
    },
    {
      "name": "Exempt Reporting Adviser private fund cap",
      "value": 150000000,
      "currency": "USD"
    }
  ],
  "applies_to": [
    "banks",
    "private fund managers",
    "swap dealers",
    "major swap participants"
  ],
  "related_regulations": [
    "investment-advisers-act-1940",
    "volcker-rule",
    "form-pf"
  ],
  "related_terms": [
    "systemically-important-financial-institution",
    "form-pf",
    "exempt-reporting-adviser",
    "swap-data-repository"
  ],
  "official_text_url": "https://www.congress.gov/bill/111th-congress/house-bill/4173",
  "history": "Signed into law July 21, 2010. Major rollbacks via S.2155 (2018) for community banks; Volcker 2.0 simplification finalized in 2020."
}